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4 Biotech Stocks Under $10 Moving Higher

This is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat patients afflicted with cancer and inflammatory diseases. This stock is trading up 6.2% to $3.59 in recent trading.

Today's Range: $3.36-$3.63

52-Week Range: $1.58-$6.17

Volume: 1.27 million

Three-Month Average Volume: 1.08 million

From a technical perspective, ARRY is bouncing higher here right off some near-term support at $3.30 with above-average volume. This stock has been downtrending badly for the last two months, with shares falling from a high of $6.17 to its recent low of $3.25. During that downtrend, shares of ARRY were consistently making lower highs and lower lows, which is bearish technical price action. That said, the stock has now started to rebound and move within range of triggering a near-term breakout trade. That trade will hit once ARRY manages to take out some near-term overhead resistance at $3.59 to $3.63.

Traders should now look for long-biased trades in ARRY as long as it's trending above $3.25, and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.08 million shares. If that breakout trigger soon, then ARRY will set up to re-fill a previous gap down zone that started above $4. If that gap gets filled, then ARRY could easily re-test its 50-day at $4.68 in the near future.

At the time of publication, author had no positions in stocks mentioned.

Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including CNBC.com
and Forbes.com
. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.